Anglo American : De Beers Saw Diamond Sales Dive in Seventh Cycle

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08/28/2019 | 02:57am EDT

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By Ian Walker

Anglo American PLC (AAL.LN) said Wednesday that its majority-owned De Beers Group has experienced a significant fall in rough diamond sales for the seventh sales cycle of the year, citing lower inventory and manufacturing levels.

The diversified mining company said diamond producer De Beers--which reports on 10 sales cycles each year--sold $280 million of rough diamonds in the seventh cycle of the year compared with $503 million for the same cycle in 2018.

In the sixth cycle of 2019, De Beers sold $250 million of rough diamonds.